What does the FTC's request for additional information mean for the BTG acquisition?

The FTC's request for additional information, often termed a 'second request,' signifies that the U.S. antitrust review of the acquisition is progressing. It is a standard part of the process for significant mergers and indicates the FTC is conducting a more in-depth analysis. This does not necessarily mean there are significant concerns, but it may extend the timeline for closing the deal.

Will this FTC request delay the closing of the BTG acquisition?

It is common for a second request to extend the timeline for closing an acquisition, as it requires both companies to provide substantial documentation and can involve further analysis by the FTC. The exact duration of the extension is uncertain and depends on the complexity of the information requested and the FTC's subsequent review.

Are there any specific concerns raised by the FTC's request?

This filing does not specify any particular concerns raised by the FTC. The request is for 'additional information and documentary material,' which is a standard procedural step in the FTC's review process to assess the competitive impact of the proposed transaction.

Where can I find more details about the BTG acquisition and the scheme of arrangement?

Further details about the acquisition, including its full terms and conditions and how to vote, are available in the 'Scheme Document' sent to BTG shareholders on January 24, 2019. This document outlines the court-sanctioned scheme of arrangement under UK law.

BSX 8-K SEC Disclosure — Feb 15, 2019

Summary

Boston Scientific Corporation (BSX) filed an 8-K on February 15, 2019, to disclose that both the Company and BTG plc have received a request for additional information from the U.S. Federal Trade Commission (FTC) concerning the proposed acquisition of BTG plc. This request, often referred to as a 'second request' in antitrust review, is a standard part of the FTC's review process for significant mergers and acquisitions. While this development signifies a progression in the regulatory review, it does not inherently change the likelihood or terms of the deal. Investors should view this as a procedural step that may extend the timeline for closing the acquisition. The Company had previously announced a recommended cash offer to acquire BTG plc through its subsidiary, Bravo Bidco Limited, with the deal expected to be completed based on a court-sanctioned scheme of arrangement.

Key Highlights

1Boston Scientific and BTG plc have received a request for additional information from the U.S. Federal Trade Commission (FTC).
2This FTC request is in connection with the proposed acquisition of BTG plc by Boston Scientific.
3The request is for additional information and documentary material, indicating a deeper review by the FTC.
4This is a standard procedural step in the regulatory approval process for the acquisition.
5The acquisition is being pursued through Bravo Bidco Limited, an indirect wholly-owned subsidiary of Boston Scientific.
6The transaction is structured as a court-sanctioned scheme of arrangement under UK law.
7An RNS announcement dated February 15, 2019, was attached as an exhibit and incorporated by reference.

BOSTON SCIENTIFIC CORP 8-K Report, Corporate Update (Feb 15, 2019)

Summary

Key Highlights

Frequently Asked Questions